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China's auto makers, often touted as possible buyers of assets from desperate foreign giants, are instead heeding calls from the government to look to their fragmented and over-crowded home turf for deals.

Guizhou Qianyuan Power Co, a small-sized Chinese power producer, posted a 766 percent jump in net profit for 2008 thanks to the abundant water supply that fired its hydropower stations.

China is likely to overtake Japan to become the world's second largest economy, either this year or by 2010, a research paper has revealed.

China's major heavy machinery maker, Sany Heavy Industry Co is planning to enter the nuclear power and jet engine manufacturing business.

US Treasuries remain an important part of the investment strategy for China's foreign exchange reserves, though Beijing is buying less long-term debt as interest rates fall.